March 21, 2009
Authored by: Bryan Cave Leighton Paisner
On March 16, 2009, the Treasury announced the completion of the eighteenth round of TARP Capital infusions. The Treasury purchased a total of approximately $1.5 billion in securities from 19 financial institutions on Friday, March 13, 2009, and has now invested in 510 institutions, totaling approximately $198 billion.
Discover Financial Services, Riverwoods, Illinois, received the largest infusion, $1.2 billion, and was the first institution to receive over $1 billion since the ninth round (1/9/2009). Haviland Bancshares, Inc., Haviland, Kansas, received the smallest infusion: $425,000.
Of note in this eighteenth round, a Washington D.C.-based institution received TARP Capital funds. IBW Financial Corporation received $6 million. To date one territory, Puerto Rico, and the U.S. capital, Washington D.C., and all states except Montana, New Mexico, and Vermont, have institutions that have received TARP Capital.
This round marked the sixth consecutive round where less than 30 institutions received TARP Capital infusions. In fact, other than the eighth round (12/31/2008), where 7 institutions received TARP funds, this round saw the fewest number of TARP closings — this is second round in row where this is the case. As we noted in a previous post, it is unclear what is contributing to or causing this diminishing number of TARP closings.
Click here to view our updated TARP Map.
Click here to view our updated list of TARP Capital recipients and a description of our methodology in compiling the list.